The race for Ether ETFs has begun, with six companies competing for approval from the US Securities and Exchange Commission (SEC). This includes Volatility Shares, Bitwise, VanEck, Roundhill, ProShares and Grayscale, which have already submitted their applications.
Ether on target for institutions
It all started with the application of the Volatility Shares Ether Strategy ETF, which was officially submitted on July 28. Without delaying, five more companies – Bitwise Ethereum Strategy ETF, VanEck Ethereum Strategy ETF, Roundhill Ether Strategy ETF, ProShares Short Ether Strategy ETF and Grayscale Ethereum Futures ETF – followed suit, filing their applications by August 1.
It’s worth noting that previously the SEC had never approved any applications for ETFs based on Ethereum futures, and had already rejected nearly 10 such requests. This makes the competition more exciting.
When might the first Ether ETF launch?
If all goes according to plan and the SEC does not reject the requests, Ether-related ETFs will be launched 75 days after the filing date. The first ETF to come to market will be Volatility Shares, which has a declared date of October 12. The rest of the ETFs will see the light of day at later dates.
Decisions on cryptocurrency-related ETFs have attracted considerable attention from the crypto market, especially after high-profile applications for Bitcoin spot ETFs took center stage. BlackRock, which filed its first application for one in June, has sparked much speculation. The ARK 21Shares Bitcoin ETF is also among the companies that have applied. They include: Bitwise’s Bitcoin ETP Trust, Fidelity’s Wise Origin Bitcoin Trust, WisdomTree Bitcoin Trust, VanEck Bitcoin Strategy ETF, Invesco Galaxy Bitcoin ETF and Valkyrie’s spot-Bitcoin ETF.
Pressure on the SEC
In this context, it is worth mentioning that Grayscale also had its clash with the SEC, after it refused to convert its trust product into an ETF. Grayscale said that the SEC should treat all applicants equally and fairly to avoid any ambiguity or difference in treatment.
All in all, the race for Ethereum ETFs is gaining momentum, with rival companies making every effort to convince the SEC to approve their applications and enter the market. Who will emerge victorious from this competition? Time will tell. One thing is certain – the cryptocurrency market and investors are eagerly awaiting the Commission’s next decisions.